FinTech Startup Combining AI and Blockchain Moves to London

Italian startup Euklid has raised about £340,000 in seed funding and is now set to move its headquarters to London.

Launched in Milan in July 2015, the company leverages Artificial Intelligence to manage assets in Bitcoin and other blockchain-based cryptocurrencies— which are notoriously volatile.

Through a combination of 30 predictive algorithms based on genetic algorithmic selection and swarm intelligence, Euklid’s system is able to achieve remarkable returns on crypto-assets —reportedly up to 132 percent over the last year.

Clients do not have to pay a commission, but Euklid takes a 20 percent cut on margins.

Following the fresh round of funding—which pegged its value at around £8 million—the company is shifting its HQ to Canary Wharf’s FinTech accelerator Level39, and it is looking to establish a Reserved Alternative Investment Fund (Raif) in Luxembourg.

“London offers the ideal ecosystem. Here we can meet the needs of new investors and rely on an innovative and efficient financial industry also thanks to a lighter regulatory environment,” co-founder and CEO of Euklid Antonio Simeone said in a statement.

Euklid is planning to further develop its vision and bring about a “bank of the future” that would harness AI to autonomously administer clients’ investments, without charging them any fee. The new platform would allow customers to invest on a portfolio of nearly 100 assets among the most liquid and stable available on financial markets.

In order to achieve its goal, Euklid is now collaborating with fellow Level39 dweller Bankable; the partnership would enable Euklid’s clients to access more traditional banking services, from debit cards to checking accounts and bank transfers.